Purpose: The purpose of this study was to show the effect of walking exercise on physiological index, physical fitness, self-esteem. depression. and life satisfaction in institutionalized elderly women aged over 70. Sample and Method: Data were collected from subjects who consented to participate in this program for eight weeks from the 2nd of July to the 27th of August 2005. The subjects were divided into two groups, 26 subjects in the experimental group who had walking exercise and 30 in the control group who did not have walking exercise. The intensity of the walking exercise allowed 50-65% of the maximum heartbeat. Results: The results of the experiment supported the hypothesis that the experimental group would have higher flexibility, left grip strength, sense of equilibrium, self-esteem and life satisfaction and lower depression than the control group. Conclusion: Walking exercise has the effect of decreasing diastolic blood pressure together with improvement in flexibility, left grip strength, sense of equilibrium, self-esteem, depression and life satisfaction for institutionalized elderly women aged over 70. According to the results presented above, walking exercise can be strongly recommended for improving the health of institutionalized elderly women.